Schenck, S.C.

Review: I have been waiting for over 3 months to recieve a 401K payout for under $2000.00. Each time I call I get another date from [redacted] that comes and goes with no check. This is unacceptable.Desired Settlement: I would like my payout NOW please

Business

Response:

On October 9th, our Manager of Schenck's Retirement Plan Solutions responded to this complaint by emailing [redacted]. I want to make sure this is correctly documented through the Revdex.com web page. Here is our response.

[redacted]returned her distribution paperwork to Schenck on July 16, 2012. Per the plan, distributions are only processed until final contributions are made into the account. We waited until her final profit sharing contribution of $501.06 (of her total approx. account balance of $1500) was funded by the physician to start the process. The tax return was extended, therefore he had until 09/15/2012 to fund this amount to her account. Because we only receive monthly brokerage statements, we personally contacted the investment manager on 9/18/2012 to confirm the deposit was made. Her account is held through American Funds, and with this type of account, they require additional documentation in order take money out of the account. At this point, they are requiring additional information from the physician in order to issue the check. We are currently working with the advisor and the physician in order to expedite this matter. I would expect that it will take at least an additional 10-14 business days to complete.

On October 9th, [redacted] was called to give her an update on the status.

Update on 10/18/2012. The Papers have been signed by the physician, signature guaranteed, and the paperwork was overnighted to American Funds on 10/16/2012. I will provide an update once the check is received.

I have been waiting for over 3 months to recieve a 401K payout for under $2000.00. Each time I call I get another date from [redacted] that comes and goes with no check. This is unacceptable.